FSBO Minnesota

Information for selling your house FSBO in Minnesota
Closing

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The closing date will be specified in the purchase agreement to allow ample time for the mortgage to clear, title search and other contingencies. This ususally takes at least six weeks. In most Minnesota home sales the real estate agent emloys the closing agent. In an FSBO you may choose to hire a closing agent which may be a good idea if their are any title problems or other complications. On the other hand you may choose to do the closing yourself or use the buyer's closer. You may be able to obtain the forms necessary for closing from a real estate agent. They are also available from the publisher of the forms at www.millerdavis.com.

The purchase agreement form isuued by the Minnesota Association of Realtors specifies what can be done if the title doesn't clear by the closing date. The seller must make his best efforts to provide a marketable title by the date of closing. If the title not marketable by the date of closing the seller has an additional 30 days to make the title marketable. If there is no marketable title at this time the buyer then has the option to waive title defects by written notice to the seller. Or the buyer and seller may agree to extend the closing date. If no agreement is reached either party may declare the purchase agreement null and void. The buyer gets his deposit back and neither party can sue for damages.

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